not just a correlation whether we heard from eric ross, he's a disorderly, slightly panicked market. you are don't think that you're just picking up on one end of the correlation? >> caller: no, simon, because remember temperatures the euro occurrence te happened to out in november, so when the euro started to fall and dollar cut its bid but at that time the stock market's were still relatively stabile. only started to correct about a couple of weeks later. so given the sensitivity in the fx market started by the euro, it tells us that the market problems had been coming, or motivated by what's going on it's not based on a lot of, you know, the underlying fundamentals. so we're a little bit nervous about that. you know in the financial areas we like asset managers rather than the large banks because the fundamentals still are not there. you know, we wrote in our piece, is it a -- bounce or are the fundamentals really driving this? and i think it's just more a hope, a speculation that things will get better. we'd rather be investing in across the pond. >> jordan, thank you very much. good luck with the digging. >> caller: thank you very much. >> see you next week. >> he gets to call in from home, huh? >> yeah, i thought about that today. >> moving on, from sovereign risk to sovereign reality my, next guest says investors need to differentiate the risks between spain, portugal and greece. he's pierre, he's managing director of moody's sovereign risk group. he joins us now in a "first on cnbc interview." sir, good to have you on the program. welcome. >> thank you. >> so moody's out, talking about these concerns growing over the areas where we're much more confident on the underlying fundamentals. and when we see cheap growth stocks out there, you know, it's all relative. i'd rather own that than a speculation that financials work in here. >> right. john, it is so nice to have you on the program. >> thank you. >> appreciate your insights today. thank you. >> thank you, maria. >> we'll see you soon, john calamos joining us. he doesn't seem too worried about europe. given that he's been investing.